Cerberus Capital Management to acquire Worldwide Flight Services

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Cerberus Capital Management today announced that one of its affiliates has entered into an agreement to acquire WFS from Platinum Equity.

Paris-headquartered WFS is one of the leading air cargo and ground handling services providers worldwide, with over €1.2bn of total revenues. WFS has a presence in 198 airport locations in 22 countries and serves over 300 customers.

Founded in 1992, Cerberus is a global leader in alternative investing with approximately US$34bn in assets across credit, private equity, and real estate strategies.

“WFS is a market leader in aviation services and is positioned to benefit from attractive long-term industry growth,” said Brett Ingersoll, Head of Global Private Equity and Senior Managing Director of Cerberus. “Cerberus has extensive operational experience and a successful track record in aviation and we are excited to support WFS’ next stage of growth.”

Craig Smyth, CEO of WFS, said: “WFS has transformed into a leading global aviation handling player in recent years through growth and operational initiatives. We believe that Cerberus is the ideal partner to support our continued transformation.”

Craig Brooks, Managing Director of European Private Equity at Cerberus, commented, “We plan to partner with Craig Smyth, and WFS’ management team, and its 22,800 dedicated and hardworking employees, to enhance its growth and services. Cerberus has a longstanding presence in Europe and WFS will be a fantastic addition to our growing portfolio.”

Citigroup Global Markets Limited served as financial advisor to Cerberus and Linklaters LLP was Cerberus’s legal advisor.

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